Wholesale prices rose 1.1% in May, more than expected

Summary

CNBC's Rick Santelli analyzes the May PPI report, which showed a 1.1% monthly increase, hotter than expected, though core measures were mixed. He also discusses jobless claims and Treasury market reaction, noting the influence of rising crude oil prices on the long end of the yield curve.

• Headline PPI rose 1.1% in May, above expectations
• Core PPI ex-food and energy came in lower than expected at 0.4%
• Previous month's headline PPI was revised down to 1.1% from 1.4%
• Jobless claims ticked up to 229,000, slightly above forecasts
• Continuing claims remain under 1.8 million, well-behaved
• Treasury yields were little changed, with the 10-year near 4.55%
• Rising crude oil prices are complicating the outlook for long-end yields